The financial crisis at the kitchen table: trends in household debt and credit

Meta Brown, Andrew F. Haughwout, Donghoon Lee and Wilbert van der Klaauw
Additional contact information
Andrew F. Haughwout: https://www.newyorkfed.org/research/economists/haughwout

No 480, Staff Reports from Federal Reserve Bank of New York

Abstract: The Federal Reserve Bank of New York (FRBNY) Consumer Credit Panel, created from a sample of U.S. consumer credit reports, is an ongoing panel of quarterly data on individual and household debt. The panel shows a substantial run-up in total consumer indebtedness between the first quarter of 1999 and the peak in the third quarter of 2008, followed by a steady decline through the third quarter of 2010. During the same period, delinquencies rose sharply: Delinquent balances peaked at the close of 2009 and then began to decline again. This paper documents these trends and discusses their sources. We focus particularly on the decline in debt outstanding since mid-2008, which has been the subject of considerable policy and media interest. While the magnitudes of balance declines and borrower defaults, represented as ?charge-offs? on consumers? credit reports, have been similar, we find that debt pay-down has been more pronounced than this simple comparison might indicate.

Keywords: Mortgages; Default (Finance); Debt; Credit cards; Consumer credit; Households - Economic aspects (search for similar items in EconPapers)
Date: 2010
New Economics Papers: this item is included in nep-ban and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr480.html (text/html)
https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr480.pdf (application/pdf)

Related works:
Journal Article: The financial crisis at the kitchen table: trends in household debt and credit (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fednsr:480

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Staff Reports from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().